政治联系、预算软约束与公司绩效

《政治联系、预算软约束与公司绩效》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、指导小组成员名单石磊教授殷醒民教授寇宗来副教授王永钦副教授陈诗一副教授李婷讲师AbstFaCtThisPaperestablishedatheoretiealmodel，examinesthePolitiealeonneetionsandenterprise，5SoftBudgetConstraintProblems，andPrivatelistedeornPaniesinChinaastheresearehobjeet，theactualeontrollerandboardmembersofdifferentdegre

2、eandthetyPesofPolitiealtiestoenterpriseSoftBudgetConstraint，eorporationPerformanceandeorporationvalueinfluenee.InthisPaperinFebruary2010ShanghaiandShenLzhenstoekexchangeinChinabefore604listedonthemainhomeasthesamPlePrivatelistedcomPanies，theultimateeontrolbymanua

3、llyoolleetingandbackgroundinformationofboardmembers，willtheseeomPaniesintostrongPolitiealeonnectionscomPany，weakPolitiealeonLneetionseolllPanyandnoPolitiealeonneetionseomPany，andfinaneingeonvenienee，thetaxburdenonindicatorstomeasuresamPleeomPaniessuehastheSoftBud

4、getConstraintdegree，withProfitabilit又staffhiringeffieieneymeasurefirmPerformanee.StudyfoundthatdifferentdegreeofPolitiealconneetions，theenterprisetheabovetheParametersinflueneetheworkingsaredifferent.ThestrongerPolitiealeonnectionstheeomPanymoreeasilyobtainedfina

5、neingeonvenieneeandtaxineentivesandotherbenefits，butmustPaytheeostofhiringmoreworkers，andthestrongerPolitiealeonneetionstheeomPany，5enterprisevalue15higheralso，however，thisarticle15notfoundontheeomPanyProfitabilityPolitiealeonneetionshavesignifieantinfluences·For

6、furtherresearehondifferentkindsofenterprisePolitiealeonneetionsSoftBudgetConstraint，eomPanyPerformaneeandeorPorationvalueinfluenee，thePaperwillbedividedintopolitiealeonnectionswiththeeentralgove~eothascentralgovernmentPolitiealeonneetions，loealgovernmentsPolitiea

7、leonneetions，NationalPeoPle，5CongressPolitiealeonneetions，andPolitiealeonneetionsoflocalPeoPle，sCongresseommittee.Researehfoundthat，eomParedwiththePolitiealandtheeentralgovern-ment，andtheloealgovernlllenthaslinkedPolitiealeontacteasierforente印risetobringthefinane

8、ingfaeilities，butshouldbewithlowerProfitabilityforaPriee:ComParedtotheNationalPeoPle，5CongressorPolitiealeonsultativeeonferencewithaPolitiealaffiliationwiththe